Using a simple accounting scheme, the sources of the government debt to GDP increase are evaluated in the US, in the UK and in the four biggest Eurozone countries. Deficit, inflation and real growth do not have the same weight during and before the 2008-13 crisis that was also characterized by a nominal recession affecting the debt ratio as well. Differences are also found for countries pursuing counter-cyclical policies (US, UK but also Spain and France) and countries like Italy and, especially, Germany following more prudential lines: in one case because of Italy's limited fiscal space and in the other (Germany) because of a predilection for stability, maintained even during the more destabilizing, postwar, crisis.